ACOM vs CMDT: Grades, Fees and Holdings Compared

Harbor Active Commodity ETF

ACOMCNYSE Arca

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CMDT −0.28pt a year

ACOM0.93%CMDT0.65%

Avg volume · 30D

CMDT 101.5×the volume

ACOM649CMDT65.9K

ACOM vs CMDT Performance

Jul 31, 2026 – Oct 30, 2026

+11.7%ACOM+7.3%CMDT

Expense ratio: ACOM 0.93%; CMDT 0.65%, better
Fund size: ACOM $7M; CMDT $890M
1Y total return: ACOM No data; CMDT +28.0%
Yield (12M): ACOM No data; CMDT 12.09%
Holdings: ACOM 26; CMDT 357
Avg volume (30D): ACOM 649 sh; CMDT 65.9K sh, better
NAV per share: ACOM $24.37; CMDT $31.84
52W range

ETF.net Grade

Pillar letters and Scores for ACOM, CMDT, with each pillar’s weight
Pillar	ACOM	CMDT
Cost30% weight	F23	B61Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A98Higher	A81
Tradability15% weight	D30	C51Higher
Holdings10% weight	Not scored	A70
Durability5% weight	D31	A72Higher

Rank among Commodity Futures funds

How we build Categories ›

Same Category. ACOM and CMDT are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds

See all 13 ›

CMDT ranks 4th and ACOM 7th of 13 funds in the Commodity Futures Category.

Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
Rank 2BSOYBTeucrium Soybean FundScore 65
Rank 2BWEATTeucrium Wheat FundScore 65
Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 64
Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
Rank 6BDBBInvesco DB Base Metals FundScore 61
Rank 7CACOMHarbor Active Commodity ETFScore 42
Rank 7CHARDSimplify Commodities Strategy No K-1 ETFScore 42

Our read on each fund

ETF.net Research

ACOMCHarbor Active Commodity ETF

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

In short

ACOM Most commodity ETFs bolt themselves to a fixed index. This one hands the wheel to Quantix, an ex-Goldman commodities team, to actively trade futures, options and swaps, with the Quantix Commodity Index as the yardstick.

CMDT PIMCO took the standard commodity futures fund and added the thing it is known for: an actively managed bond portfolio sitting behind the commodity bets. The mandate is to beat the Bloomberg Commodity Index, not mirror it.

Stated mandate

ACOM The Fund seeks commodity-market exposure through actively managed commodity instruments, including futures, options, over-the-counter swaps, and other commodity-linked derivatives. It normally invests at least 80% of net assets in instruments providing commodity exposure.

CMDT The fund aims to achieve a total return that outperforms the Bloomberg Commodity Index Total Return, while maintaining prudent investment management.

Why people hold it

ACOM Genuinely active, not index-plus: the subadviser picks and sizes futures, options and OTC swaps across commodity markets rather than following set index weights.nasdaqtrader.com harborcapital.com
The bench behind it: Quantix is led by CIO Don Casturo, formerly Goldman Sachs' global commodities COO, and the same shop runs Harbor's index-based commodity ETF and built the Quantix Commodity Index.harborcapital.com harborcapital.com 2
Built as a 1940 Act fund, with commodity derivatives routed through a wholly owned Cayman subsidiary, the standard plumbing for keeping this exposure inside fund tax rules.sec.gov sec.gov 2
The mandate has guardrails: at least 80% of net assets must sit in commodity-exposure instruments, so it stays a commodity fund however the manager shifts between markets.nasdaqtrader.com

CMDT Active by design. The stated objective is to outperform the Bloomberg Commodity Index Total Return, not replicate it.
Two engines in one ticker: swaps, futures and commodity-linked notes for the commodity exposure, an actively managed fixed income portfolio as the collateral behind them.
A 1940 Act fund that routes commodity-linked exposure through a Cayman subsidiary, so holders get a 1099 rather than a partnership K-1.
Global commodity reach spread across roughly 300 positions, with cash distributed quarterly.

Worth knowing

ACOM Active discretion carries a price: 0.93% a year, above the median for futures-based commodity funds, several of which run cheaper index strategies (PDBC at 0.74%).
It launched in 2026, so there is no long public record for the strategy in this wrapper, and it remains small and thinly traded next to the category's established names.harborcapital.com
Returns come from a derivatives book, not a coupon: commodity futures and swaps can move sharply, and the fund has not been paying distributions.harborcapital.com

CMDT At 0.98% a year, it sits above cheaper index-based options in the commodity futures group such as PDBC (0.74%) and HARD (0.78%). Active management is what the premium buys.
Tracking is not the goal here. Manager calls can push results away from the Bloomberg Commodity Index in either direction.
The bond collateral sleeve brings interest rate and credit sensitivity that a plain futures-and-Treasuries commodity fund does not carry.

Full ACOM profile⁠

Full CMDT profile⁠

ACOM vs CMDT Holdings

How ACOM and CMDT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ACOM and 0.0% of CMDT.

Level by level

Holdings0 in both0.0%
Countryby domicile89.3%
Asset classCommodities100%

Sector

No Sector split for ACOM.

Country, concentration and asset class

Country by domicile

Country weights in ACOM and CMDT, widest gap first
Country	More in ACOMMore in CMDT	ACOM	CMDT
United States	ACOM +10.7 points	100.0%	89.3%
Canada	CMDT +10.7 points	0.0%	10.7%

Concentration

Weight in the 10 largest Holdings

ACOM80.6%
CMDT28.3%

Securities held

ACOM14
CMDT323

Asset class

ACOM: Commodities
CMDT: Commodities

Holdings

Only in ACOM14
In both0
Only in CMDT323

Only in ACOM

14 securities, 78.8% of ACOM by weight

BRENT CRUDE FUTR Mar27 01/29/202710.18%
Treasury Bill 01/21/202710.06%
GOLD 100 OZ FUTR Feb27 02/24/20279.94%
Treasury Bill 04/15/20279.54%
Treasury Bill 11/12/20269.06%
Treasury Bill 12/17/20268.99%
Treasury Bill 03/18/20278.95%
Low Su Gasoil G Jan27 01/12/20275.44%
LIVE CATTLE FUTR Feb27 02/26/20271.50%
SUGAR #11 (WORLD) Mar27 02/26/20271.42%
COTTON NO.2 FUTR Mar27 03/08/20271.34%
SOYBEAN OIL FUTR Jan27 01/14/20270.97%
SOYBEAN MEAL FUTR Jan27 01/14/20270.81%
LME PRI ALUM FUTR Jan27 01/18/20270.63%

Only in CMDT

323 securities, 88.6% of CMDT by weight

Pimco Enhanced Short Maturity Pimco Enhanced Short Maturit5.22%
Vistra Operations Co Llc Company Guar 144A 01/27 3.7 3.70% 01/30/20271.57%
Cpde Invt Co Llc 4.36% 01/08/20271.47%
Jti Finl Svcs North Amer Llc 11/26 Zcp 4.36% 11/20/20261.47%
Rogers Communications In Company Guar 03/27 3.65 3.65% 03/31/20271.30%
Bank of Montreal Sr Unsecured 06/27 4.309 4.31% 06/01/20271.22%
Crown Castle 4.42% 12/01/20261.14%
Aercap Ireland Cap/Globa Company Guar 04/27 6.45 6.45% 04/15/20271.13%
Brent Crude Futr JUN27 Ifeu 20270430 04/30/20271.04%
Telus Corp 4.41% 11/24/20261.03%
Transcanada Pipelines Sr Unsecured 04/27 3.8 3.80% 04/05/20271.03%
Permian Res Oper Llc Disc Coml 11/26 Zcp 4.38% 11/23/20261.02%
Epr Properties Company Guar 06/27 4.5 4.50% 06/01/20270.96%
Royal Bank of Canada Sr Unsecured 07/27 4.612 4.61% 07/26/20270.92%
Internal Flv+fgr Inc 4.25% 11/19/20260.90%
Dnb Bank Asa 144A 03/28 Var 1.61% 03/30/20280.88%
Brent Crude Futr JAN27 Ifeu 20261130 11/30/20260.84%
Wells Fargo & Company Sr Unsecured 03/28 Var 3.53% 03/24/20280.83%
Hca Inc Company Guar 03/27 3.125 3.13% 03/15/20270.81%
Ga Global Funding Trust Secured 144A 09/27 4.4 4.40% 09/23/20270.80%
Fannie Mae Fnr 2025 18 Fm 4.79% 09/25/20540.78%
Government National Mortgage A Gnr 2025 98 Gf 4.77% 06/20/20550.75%
Bat Capital Corp Company Guar 08/27 3.557 3.56% 08/15/20270.72%
Jackson Natl Life Global Secured 144A 07/27 5.55 5.55% 07/02/20270.71%
Ha Sustainable Infrastructure 4.40% 11/18/20260.71%
Bank of America Corp Sr Unsecured 03/28 Var 3.62% 03/16/20280.67%
Freddie Mac Fhr 5685 Fb 4.94% 07/25/20560.66%
Freddie Mac Fhr 5700 Fd 4.69% 09/25/20560.66%
Daimler Truck Finan Na Company Guar 144A 10/30 4.65 4.65% 10/12/20300.62%
Barclays PLC Sr Unsecured 08/28 Var 5.50% 08/09/20280.61%
Fannie Mae Fnr 2025 5 Fd 5.17% 02/25/20550.60%
Freddie Mac Fhr 5686 Fd 4.64% 08/25/20560.60%
Canadian Imperial Bank Sr Unsecured 09/28 Var 4.63% 09/08/20280.59%
Morgan Stanley Pvt Bank Sr Unsecured 07/28 Var 4.67% 07/06/20280.59%
Freddie Mac Fhr 5565 Kf 4.84% 08/25/20550.58%
Canadian Imperial Bank Sr Unsecured 06/27 4.95 4.95% 06/29/20270.58%
General Motors Finl Co Sr Unsecured 07/27 5 5.00% 07/15/20270.58%
Ford Motor Credit Co Llc Sr Unsecured 03/27 5.8 5.80% 03/05/20270.55%
JPMorgan Chase & Co Sr Unsecured 03/28 Var 1.90% 03/05/20280.54%
Fnma Pool AN6507 Fn 09/27 Fixed 2.98 2.98% 09/01/20270.54%
Sempra Sr Unsecured 01/28 Var 4.56% 01/07/20280.53%
Volkswagen Group America Company Guar 144A 08/27 4.85 4.85% 08/15/20270.52%
Armada Euro Clo Armda 2A Arr 144A 3.82% 02/15/20370.51%
American Honda Finance Sr Unsecured 08/27 Var 4.51% 08/13/20270.51%
Bmw Us Capital Llc Company Guar 144A 08/27 Var 4.48% 08/11/20270.48%
Permian Res Oper Llc Disc Coml 11/26 Zcp 4.37% 11/02/20260.48%
Sumitomo Mitsui Tr Bk Lt Sr Unsecured Regs 09/27 Var 4.79% 09/10/20270.47%
Fannie Mae Fnr 2025 33 Yf 4.84% 08/25/20540.47%
Oracle Corp Sr Unsecured 04/27 2.8 2.80% 04/01/20270.47%
Providus Clo Prvd 8A Arr 144A 3.42% 11/20/20380.46%

Weight gaps

ACOM and CMDT share no securities.

All ACOM holdings⁠All 303 CMDT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACOM vs CMDT Cost

Overpaying ACOM vs CMDT

$4,822

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ACOM 0.93%
$17,539
CMDT 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

ACOM 0.93%
CMDT 0.65%
Overpaying

Year by year

Year	ACOM	CMDT	Overpaying
10	$1,644	$1,163	$481
20	$6,199	$4,440	$1,759
30	$17,539	$12,717	$4,822

Expense ratio

0.93%ACOM
0.65%CMDT, cheaper

CMDT0.65%ACOM0.93%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

CMDT 6th cheapest of 13 funds

ACOM 10th cheapest of 13 funds

ACOM vs CMDT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACOM No data; CMDT 12.09%
Payout (12M): ACOM None; CMDT $3.83
Last payment: ACOM No data; CMDT $3.20
Ex-dividend: ACOM No data; CMDT Oct 1, 2026
Paid on: ACOM No data; CMDT Oct 5, 2026
Frequency: ACOM No data; CMDT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

ACOMAll ACOM payments⁠

No distribution history available.

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

ACOM vs CMDT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ACOM No dataCMDT 11.5%
Return per unit of riskSharpe ratio, 3 years: ACOM No dataCMDT 0.83
Worst fallMax drawdown, 5 years: ACOM No dataCMDT −13.2%since May 2023
Market sensitivityBeta, 5 years: ACOM 1.46CMDT 0.78; Market = 1

Popular comparisons

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